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HomeTop NewsNigeria spends $2 bln on wheat imports yearly, says CBN

Nigeria spends $2 bln on wheat imports yearly, says CBN

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Nigeria spent about $2 billion on the importations of wheat into the country, exerting pressure on the Nigeria’s food import bill, according to the Central Bank of Nigeria (CBN).

The regulatory bank said the country’s food import bill was dominated by wheat, which accounts for its second highest contributor with over five million Metric Tons (MT) imported yearly.

The regulator said it is committed to addressing the existing challenges in the wheat value chain as part of efforts to shore up the country’s foreign reserves.

The CBN Director of Development Finance Department, Philip Yila Yusuf, at the Wheat Conference and Stakeholder Engagement in Abuja, noted that the wheat value chain had enormous potential for ground-breaking impact in the agricultural sector.

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He said that the central bank would focus attention on the commodity value chain for 2021/2022 dry season planting following the sustainable progress made across the rice and maize value chain.

Yusuf said Nigeria only produced one percent or 63,000MT of wheat, out of the 5-6 MT of the commodity consumed annually in the country.

He said the CBN intervention had become critical due to the high demand for wheat in the country as well as the inability to meet that demand.

“The CBN plans to address key problems in the value chain through financing massive production of wheat in Nigeria and seeks to facilitate sustained availability of high yield seed variety in country and improve general productivity,” He said.

While admitting the enormous challenge before the bank, which would require concerted efforts to address, he assured stakeholders of the CBN’s readiness in changing the narrative in the sector by working with relevant industry players.

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